20-Unit Brick Apartment
New
For Sale
$3,300,000
118 Cottage St, Buffalo, NY 14201
Historic multifamily buildings overlook Days Park and include gated access with dedicated off-street parking.
Property Size23,575 SF
Price / SF$139.98
Days on Market2
Property Features for 118 Cottage St
General Information
Standard status
Active
Size
23,575 SF
Total Parking Spaces
26
Property subtype
Multi-Family
Units
Unit Mix
9 x 1BR/1BA, 5 x 1BR/1.5BA, 1 x 1BR/2.5BA, 2 x 2BR/1BA, 2 x 2BR/1.5BA, 1 x 2BR/2.5BA
Multifamily Units
20
Amenities
gated entry
Building Details
Year Built
1900
Buildings
3
Construction
brick
Listing Agency:
Gurney Becker & Bourne
Listed By:
Carmelo A Parlato · License #10401209029
(716) 335-2227
Source:
Skinnercnyrealty
Added: Sep 12
Last Checked: Sep 12 at 2:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gurney Becker & Bourne
Investment Insights
Based on property information with market context.
The Cottage Street Lofts comprise three brick apartment buildings totaling 20 residential units and 23,575 square feet. Constructed in 1900, the properties feature Italianate architecture, gated entry, and parking for 26 vehicles. Unit layouts include one- and two-bedroom apartments, with select residences offering two-story designs, 1.5 or 2.5 baths, balconies, or porches.
The buildings overlook Olmsted-designed Days Park and sit within the Allentown Historic Preservation District. Their Cottage Street location is within walking distance of the Buffalo Niagara Medical Campus. The offering includes 118, 120, and 126 Cottage Street in Buffalo, New York, with a mix of unit configurations across the three structures.
The buildings overlook Olmsted-designed Days Park and sit within the Allentown Historic Preservation District. Their Cottage Street location is within walking distance of the Buffalo Niagara Medical Campus. The offering includes 118, 120, and 126 Cottage Street in Buffalo, New York, with a mix of unit configurations across the three structures.
Key Highlights
- 20 residential units across 118, 120, and 126 Cottage Street
- 23,575 square feet across three brick apartment buildings
- Parking for 26 vehicles with gated entry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$215,460
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,309,200
$4.3M
Cap Rate 7%
$3,078,000
$3.1M
Cap Rate 9%
$2,394,000
$2.4M
Market Conditions
NOI Build-Up for 23,575 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$410.2K $17.40/SF
− Vacancy
−$18.5K −$0.78/SF
EGI
$391.7K $16.62/SF
− OpEx
−$176.3K −$7.48/SF
NOI
$215.5K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,309,200
Cap Rate 7%
$3,078,000
Cap Rate 9%
$2,394,000
Alternative Uses
Best Use
Apartment 5plus
$3.08M
$2.69M – $3.59M
NOI $215,460 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.67M
$4.96M – $6.61M
NOI $396,852 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
3,399
Businesses Nearby
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Business Placement
Demographics for 14201, NY
12,364
Population
7,172
Households
1.7
Avg Household Size
33
Median Age
39%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
11,240
Density / Sq Mi
$34,204
Median Household Income
$34,081
Median Earnings
$953
Median Rent
$327,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic multifamily buildings overlook Days Park and include gated access with dedicated off-street parking.
Where is this apartment building located?
The property is located at 118 Cottage St Buffalo, NY.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 20 residential units across 118, 120, and 126 Cottage Street; 23,575 square feet across three brick apartment buildings; Parking for 26 vehicles with gated entry
